Buyers Often Shun Houses That Were Crime Scenes

Monday, January 4, 2016

Buyers Often Shun Houses That Were Crime Scenes

The Pittsburgh Post-Gazette has a lengthy piece about the reality of selling homes that were the site of grizzly crimes:

When a murder or even a natural death occurs inside a home, it can traumatize a neighborhood. Beyond that, it can create a significant and understandable challenge when it comes time to sell.

The effect is exacerbated when the death is a highly publicized event. Not only is the home itself affected but, according to personal finance comparison website Finder.com, homes within a four-block radius can lose tens of thousands of dollars in value up to a year after the homicide takes place. Its a delicate issue for both home buyers and sellers.

Finder.com estimates the U.S. housing market lost $2.3 billion in value in 2014 due to homicides. Pennsylvania homes with a median value of $150,000 lost an average of $5,909 due to 609 homicides that year. The Pittsburgh area, which had 71 homicides in 2014, is estimated to have lost an average $4,646 in home value in areas where homicides occurred.

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